Refex Renewables & Infrastructure Limited has informed stock exchanges that the Securities Appellate Tribunal (SAT) has granted a stay on the recovery of a penalty imposed by the Securities and Exchange Board of India (SEBI) against its promoter and Non-Executive Director, Mr. Anil Jain.

The disclosure was made under Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, through a filing to the BSE on February 18, 2026.

Background of the Case

The development follows an earlier adjudication order dated December 12, 2025, passed by SEBI in connection with alleged insider trading activities of certain entities in the scrip of Refex Industries Limited.

As previously disclosed by the company on December 14, 2025, SEBI had levied a monetary penalty against Mr. Anil Jain in the matter. Challenging this order, Mr. Jain preferred an appeal before the Securities Appellate Tribunal.

SAT Grants Conditional Stay

In its order dated February 13, 2026, the Securities Appellate Tribunal granted a stay on the recovery of the penalty imposed under SEBI’s adjudication order.

However, the stay is subject to a condition:

• Mr. Anil Jain must deposit 50% of the penalty amount with SEBI.

• The deposit must be made within four weeks from the date of SAT’s order.

The SAT order was uploaded on the tribunal’s portal on February 18, 2026.

The stay is effective from February 13, 2026.

No Impact on Company Operations

Refex Renewables & Infrastructure Limited clarified in its exchange filing that the SAT order has:

• No financial impact on the company.

• No operational impact on the company.

• No monetary implications for the listed entity itself.

The penalty pertains to Mr. Anil Jain in his individual capacity and not to the company directly.

Regulatory Disclosure Details

As part of its disclosure obligations, the company provided the following key information:

• Authority issuing the order: Securities Appellate Tribunal

• Nature of communication: Stay on SEBI’s adjudication order dated December 12, 2025

• Effective date of stay: February 13, 2026

• Details of penalty: Recovery of SEBI-imposed penalty stayed, subject to 50% deposit

The company also confirmed that no additional non-compliances or restrictions have been identified in the communication.

Corporate Governance and Compliance

The disclosure was signed by Vinay Aggarwal, Company Secretary & Compliance Officer, reaffirming the company’s commitment to regulatory transparency.

Regulation 30 of the SEBI Listing Regulations mandates prompt disclosure of material events, including regulatory actions involving directors or key managerial personnel. The filing ensures that shareholders and market participants remain informed about developments concerning the company’s promoter.

Broader Context

The Securities Appellate Tribunal functions as the appellate authority for orders passed by SEBI and other financial sector regulators. A stay order does not nullify the original adjudication but temporarily suspends enforcement, subject to compliance with conditions imposed by the tribunal.

The matter will now proceed through appellate adjudication, where the merits of SEBI’s original order will be examined.

Conclusion

The Securities Appellate Tribunal has granted a conditional stay on the recovery of the penalty imposed by SEBI against Refex promoter Anil Jain, requiring a 50% deposit within four weeks. Refex Renewables & Infrastructure Limited has clarified that the development does not have any financial or operational impact on the company.

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